FFWD.L Regulatory News (FFWD)

23 Jan 2007 07:00

London Asia Chinese Private Equity23 January 2007 23 January 2007 London Asia Chinese Private Equity Fund Limited("LACPEF" or "the Fund") LACPEF, the China focused investment fund, announces that it has invested up to£4.6 million in United Envirotech Ltd ("United" or "the Company"), a SingaporeMain Board listed specialist in providing waste water treatment and water toindustrial parks, using membrane technology. United Envirotech Ltd is an environmental solution provider focused on the waterand wastewater treatment sector, primarily to large industrial parks andpetrochemical companies, including Petrochina and Sinopec. The Company has established itself as one of the leading one-stop environmentalsolution providers to the industrial waste water sector, with a particulargeographical focus in China. As well as its core focus of industrial parks andthe petrochemical sector, its membrane systems have also been used in thepharmaceutical, food and beverage and textile and dye industries. The Companygenerates revenues through the ownership of build operate transfer (BOT) andtransfer operate transfer (TOT) projects in China, as well as consulting andother services. The investment is via the issue of new ordinary shares by the Company atS$0.2668 per share in two tranches, £3.9 million now for 12.7% of the Company,with a further £0.8 million investment subject to Singapore Stock Exchange finalapproval, which would take the Funds holding to 15% of the enlarged sharecapital of the Company. Simon Littlewood, Executive Director of the Fund said: "United is a leadingplayer in China in the industrial waste water treatment sector, a rapidlygrowing area as China attempts to deal with its water shortages and preventfurther damage to its water reserves. The investment is a good fit with ourother investment in the sector, Asia Water Technology." John Manser, Chairman of the Fund, said: "This is the Fund's third investmentclosed since the start of the year, and takes our commitments to date to over£43m in 14 companies. The Board has given conditional approval for furtherinvestments, which should they be completed, will mean that the Fund hasinvested all the funds raised at the time of listing last March. ." -ends- For further information please visit www.londonasiafunds.com or contact: John West/Matt Ridsdale Hugh Field Tavistock Communications Collins Stewart LimitedTel: 020 7920 3150 Tel: 020 7523 8000 This information is provided by RNS The company news service from the London Stock Exchange